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Homes for Sale

11 Factors That Influence How Well Your Home Sale Will Go

There are a lot of important decisions you need to make when you put your home up for sale. These choices range from whether you should list your home yourself (For Sale by Owner), which real estate agent to pick, ways to market your home, the price, how to best present your home to impress potential buyers, and the list goes on. The decisions you make will affect how quickly your home sells.

Many home sellers are under the impression that the overall macro real estate market will largely determine the outcome of the sale. While the overall market does have a large impact, there are plenty of other variables that a home owner should consider.

Here are 12 factors that will affect how quickly your home sells and the price that you get for it.

The overall condition of the regional real estate market.

The national or state economy and how it is impacting consumer confidence.

Current mortgage interest rates and lender borrowing criteria.

Recent sales in the area of the home for sale. Especially “comps”.

The skills and abilities of the real estate agent you choose to work with.

How well you or your agent advertises and markets your home.

The level of interest in your home from multiple potential buyers.

Your asking price and desire to close the sale.

The condition of your home and features as compared to other homes.

The location of your home, school district and access to amentities.

Your individual negotiating abilities.

By studying the list above you’ll see that some aspects (like the state of the economy) will be out your control. There are methods to respond to scenarios to ensure you achieve the best result under the circumstances. Conversely, looking above you will see there are numerous elements that are totally within your control and could clearly affect the final outcome.

Ultimately, every home will sell when the price meets a buyer’s expectations of value. If you want to optimize the price you get for your home you need to take some responsibility for the process and get involved where you can be most impactful.

There are big decisions to make prior to making a house listing with an agent. Think very carefully about whether you need to improve the condition of the home in order to support your asking price or whether it may be more cost-efficient and easier to merely lower your asking price. What is important to you is that you maximize your profits.